Mixed use · Flushing, New York
Queens Crossing
Public CMBS trusts hold $57.1M of the loan on Queens Crossing at 7.55% that reaches maturity on May 5, 2028, in 18 months. As of the Sep 2026 servicer report, the latest filed for this loan, its status is current.
The loan
- Balance in tracked trusts
- $57,100,000
- Original balance (same notes)
- $57,100,000
- Interest rate
- 7.55% fixed
- Originated
- May 5, 2023
- Maturity
- May 5, 2028
- Payments
- Interest only for the full term
- Prepayment lockout ends
- February 4, 2028
- Master servicer
- Midland Loan Services
- Originator
- JPMCB
Status
- Payment status
- Current (code 0)
- Special servicing
- No transfer reported
- Defeasance
- None reported
The property
- Address
- 38-25 Main Street, Flushing, NY 11354
- Metro
- New York-Newark-Jersey City, NY-NJ
- Rentable area
- 95,123 sq ft
- Built
- 2007
- Largest tenants
- NEW MULAN LLC; New York Life Insurance Company; Spring Shabu Shabu
- Value at securitization
- $100.0M (Apr 2023)
Performance
| At securitization | Latest (Mar 2026) | |
|---|---|---|
| DSCR (NOI) | 1.36x | 1.30x |
| Occupancy | 99% | 99% |
| Net operating income (annualized from 3 months) | $5.9M | $5.7M |
| Debt yield | 10.1% |
Debt yield here is the latest NOI divided by the balance held in the trusts below. If part of the loan sits outside them, the true figure is lower.
Watch flags
Computed from the BANK5 2023-5YR2 filing for the reporting period ending September 11, 2026, filed with the SEC October 1, 2026.
- Largest tenant's lease ends within 12 months
cmbs.news's own rule-based labels on the filed fields (definitions), not a credit rating, a prediction or a view of the borrower.
What the filing shows
- The filing gives Feb 2027 as the lease end date for the largest tenant (NEW MULAN LLC), before the loan matures. Lenders look hard at that rollover.
The last 12 monthly reports
| Report month | Balance | Payment status | Special servicer | DSCR | Occupancy |
|---|---|---|---|---|---|
| September 2026 | $57.1M | Current | No | 1.30x | 99% |
| August 2026 | $57.1M | Current | No | 1.30x | 99% |
| July 2026 | $57.1M | Current | No | 1.30x | 99% |
| June 2026 | $57.1M | Current | No | 1.24x | 99% |
| May 2026 | $57.1M | 30-59 days delinquent | No | 1.24x | 99% |
| April 2026 | $57.1M | Late payment but less than 30 days delinquent | No | 1.24x | 99% |
| March 2026 | $57.1M | Current | No | 1.24x | 99% |
| February 2026 | $57.1M | Current | No | 1.22x | 100% |
| January 2026 | $57.1M | Current | No | 1.22x | 100% |
| December 2025 | $57.1M | Current | No | 1.29x | 100% |
| November 2025 | $57.1M | Current | No | 1.29x | 100% |
| October 2025 | $57.1M | Current | No | 1.23x | 99% |
From each trust's ABS-EE filing for that month. Coverage and occupancy change only when the servicer reports new statements. If one trust holding a piece of the loan skipped a month, that month's balance reads low.
Where the loan sits
The loan is split into 3 notes held by different trusts. Each trust reports its own piece.
| Trust | Loan no. | Balance | Report period | Source |
|---|---|---|---|---|
| BANK5 2023-5YR2 | 8 | $20,000,000 | Sep 2026 | SEC filing, October 1, 2026 |
| Benchmark 2023-V3 Mortgage Trust | 22 | $20,000,000 | Sep 2026 | SEC filing, September 28, 2026 |
| BANK5 2023-5YR2 | 8A | $17,100,000 | Sep 2026 | SEC filing, October 1, 2026 |
Other New York-Newark-Jersey City loans due in 2028
| Property | Location | Type | Balance | Rate | Matures | DSCR | Occ. | Status |
|---|---|---|---|---|---|---|---|---|
| One SoHo Square | New York, NY | Office | $469.0M | 2.725% | Aug 2028 | 1.78x | 85% | With the special servicer |
| 11 West 42nd Street | New York, NY | Office | $274.0M | 7.44% | Jul 2028 | 1.27x | 99% | Current |
| Harborside 2-3 | Jersey City, NJ | Office | $225.0M | 5.84% | Apr 2028 | 2.29x | 76% | Current |
| 3 Park Avenue | New York, NY | Office | $182.0M | 4.75% | Dec 2028 | 0.61x | 47% | Current |
| Gateway Center South | Brooklyn, NY | Retail | $162.5M | 6.873% | Jun 2028 | 1.69x | 98% | Current |
| 685 Fifth Avenue Retail | New York, NY | Retail | $160.0M | 3.871% | Jul 2028 | 3.13x | 100% | With the special servicer |
| 1745 Broadway | New York, NY | Office | $144.0M | 3.768% | Jun 2028 | 2.52x | 88% | Current |
| 65 Broadway, New York (2028 maturity), loan 4Sb in CF 2019-CF1 Mortgage Trust | New York, NY | Office | $136.0M | 4.935% | Dec 2028 | n/a | n/a | Current |
All loans maturing in 2028 · All New York-Newark-Jersey City loans
Source: each trust's ABS-EE asset-data exhibit (Regulation AB Schedule AL) on SEC EDGAR, reporting period ending September 11, 2026. Servicers report these figures; cmbs.news does not audit them. How this page is built.